47- Scott is 15 years old and qualifies as a dependent of his parents. During 2019 he earns $2,500 from a part-time job and also receives $800 of dividend income on stock given to him by his aunt. What is Scott’s taxable income?

Q: Rich company produces a variety of stationery products. One product, sealing wax sticks, passes thro...

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Q: Date Particular Dr Cr         May1,2018 Cash A/C 500000     To Capital A/c   500000   ( Being Capita...

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A: The break even sales are the sales where business earns the no profit no loss during the period.

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A: The accrued expenses are the expenses due for payment but are not paid yet. 

Q: Required: 1. & 2. Compute the gross profit (sales minus cost of goods sold) and the gross profit rat...

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A: The question is based on the concept of Financial Accounting.

Q: Service revenue (from camping fees) $171,600 Dividends $11,700 Sales revenue (from general store) 32...

A: Formula: Net Income = Total revenues - Total expenses

Q: following terms of the partnership, determine the total profit share of Kaye assuming the auditing f...

A: ln  partnership accounting , partners agreement states  profit and losses them. THE partnership deed...

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A:

Q: Question Content Area The Jack Company began its operations on January 1, 2016, and used the LIFO me...

A: The retained earnings comprises of the accumulated profits of the business for different years. 

Q: List TWO (2) sources which can increase a company’s capital stock outstanding

A: Capital stock outstanding means the total number of shares issued by company except held as treasury...

Q: SG Ltd. has historically paid a dividend of $2.50 to its shareholders semi-annually. The company has...

A: Dividend price approach with constant growth: According to Gordon Growth Model, the rate of dividend...

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A: Under the straight line method , the annual depreciation expense is constant . It is calculated by d...

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A: Lets understand the basics. Prepaid expense arise when expense is paid for more than one period in c...

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Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and...

A: The Calculation is given below 

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A: Misrepresentation or error of prepaid expenses will have impact on both the balance sheet and the in...

Q: Problem 8: Amicable Company purchased a machine at a cost of P635, 000 on January 1, 2012. It was ...

A:

Q: $5,500 2,050 Sales Fixed Expenses Variable Expenaes 1,800 What would expected operating proft be if ...

A: Formula: Operating profit = Sales revenue - Variable cost - fixed cost

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A: Variable costs are costs that change with each level of output while fixed costs do not change with ...

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A: The ending inventory is the inventory left in the business at year end. The inventory can be valued ...

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A: Hi student Since there are multiple questions, we will answer only first question.

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A: Journal entry is the first step in process of accounting which is recording the financial data in ch...

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A: Adjusting Entries - Adjusting entries are recorded at the end of the period to distinguish the trans...

Q: 1)How much is the total variable operating cost at 150,000 sales volume? 2)What is the volume of pro...

A: Total Variable Cost = Quantity Sold x Variable Cost Per Unit Break Even Volume (No Profit No Loss Vo...

Q: What purpose do audits andGAAPs serve in today’s businessworld?

A: Auditing involves an independent examination of financial records of the entity and is performed wit...

Q: The RiMiA decided to end their partnership business on September 30, 2018. On this date, their capit...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are a...

A: Inventory refers to the stock that the company held for the resell purpose or the stock that the com...

Q: The Playa Company has the following information in its records. Certain data have been intentionally...

A: Lets understand the basics. For filling up the blanks we need to use some formulas which are as belo...

Q: Lauren Sign Company uses the allowance method in accounting for uncollectible accounts. Past experie...

A: Bad debts expense = Net credit sales x 3% Allowance for Doubtful Accounts balance at end = Allowance...

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A: Using LCM method, the inventory is valued at lower of the value between market value and cost value....

Q: Within the partnership, Jamestown's capital is $140,000, and Maryland's is $40,000. They share incom...

A: Partnership share: The profits and losses of the partnership, a mutual association of two or more pe...

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A: Pension funds are those fundings and contributions related to employees which will be paid either at...

Q: 6

A: A counterbalancing error happens when an error is happen and that cancels out another error. It is i...

Q: Mr. B, purely engaged in business had the following for the given year: Revenue P800,000 Cost of sal...

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A: Cash Conversion Cycle is used to measure the time it takes an organization to convert it's resources...

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A: Department refer to the section in a company which is assigned or handed over a particular role or f...

Q: Rory and Stan established a partnership with USD180,000 and USD220,000 in capital contributions, res...

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A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable. The...

Q: Trista and Co borrowed S230,000 on December 1, 2020, for 90 days at 6% interest by signing a note to...

A: Formula: Interest expense = Borrowed amount x Interest rate x Time period

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A: Partnership is legal association of two or more person to carry out business activity and distribute...

Q: Ms. Magan Dah and her sister, Ms. Supla Dah got into the cakes and pastries business almost by accid...

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want ...

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A: Calculation maximum number of jar sold for futher processing are as follows.

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A: Formula: Net income = Revenues - Expenses

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.